Enphase Energy Reports Financial Results For The Third Quarter Of 2016

PETALUMA, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company, announced today financial results for the third quarter ended September 30, 2016.

Enphase Energy reported total revenue for the third quarter of 2016 of $88.7 million, an increase of 12 percent compared to the second quarter of 2016. During the third quarter of 2016, Enphase sold 204MW (AC) or 869,000 microinverters, an increase in MW of 10 percent compared to the second quarter of 2016. GAAP gross margin for the third quarter of 2016 was 17.9 percent and non-GAAP gross margin was 18.2 percent.

GAAP operating expense for the third quarter of 2016 was $33.6 million and non-GAAP operating expense was $28.6 million. GAAP operating loss for the third quarter of 2016 was $17.7 million and non-GAAP operating loss was $12.4 million. GAAP net loss for the third quarter of 2016 was $18.8 million, or a net loss of $0.40 per share. On a non-GAAP basis, net loss was $13.4 million, or a net loss of $0.28 per share.

The Company exited the quarter with a total cash balance of $24.1 million.

"Our solid sequential growth in revenue and megawatt shipments reflects continued global demand for our solar energy systems," said Paul Nahi, president and CEO of Enphase Energy. "We began shipping our AC Battery storage solution in Australia and New Zealand during the third quarter and are very pleased with the demand we have seen. We also unveiled our Enphase Home Energy Solution with IQ™, our next-generation integrated solar, storage and energy management offering. The solution, available in the first quarter of 2017, features our sixth-generation Enphase IQ™ Microinverter System. The Enphase IQ 6 series microinverter will also be used in the upcoming AC modules developed with our partners, including LG, SolarWorld and Jinko Solar."

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